STOCK-BASED COMPENSATION

9 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

The following tables summarize information pertaining to the stock-based compensation expense (in thousands):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Cost of service revenue	$	2,472	$	1,387	$	6,696	$	3,566
Cost of other revenue	1,142		839		3,042		2,330
Research and development	8,297		5,535		23,097		13,616
Sales and marketing	9,363		5,197		22,156		14,458
General and administrative	5,565		6,359		19,949		16,335
Total	$	26,839	$	19,317	$	74,940	$	50,305

Restricted Stock Units (RSU) and Performance Stock Units (PSU)

The following table presents activities related to RSU and PSU, collectively Stock Awards (in thousands, except weighted-average grant-date fair value and recognition period):


	Nine Months Ended December 31,
	2020		2019
Stock Awards outstanding at the beginning of the period:	9,191		7,820
Stock Awards granted	6,742		5,886
Stock Awards vested	(3,530)		(2,860)
Stock Awards canceled and forfeited	(969)		(1,056)
Stock Awards outstanding at the end of the period:	11,434		9,790

Weighted-average fair value of grants during the period	$	18.97	$	22.35
Weighted-average remaining recognition period (in years)	1.88		2.13
Total unrecognized compensation expense at period-end	$	157,416	$	128,463

During the nine months ended December 31, 2020, the Company granted 5.7 million shares of RSU and 1.0 million shares of PSU, of which, 28,467 shares of PSU vested based on market based conditions during the period.

The PSU awards granted during the nine months ended December 31, 2020 are based on Total Shareholder Return ("TSR") as measured relative to the S&P Software Services Select Industry Index over performance periods ranging from one to three years. All PSU awards vest 100% at the end of the respective performance periods. A number of shares equal to 100% of the target opportunity will be earned in the event that the Company’s performance matches that of the specified index during the relevant period. A 2x multiplier will be applied for each percentage point of positive or negative relative TSR, such that the number of shares of common stock earned will increase or decrease by 2% of the target number of shares, subject to a maximum of 200% of the target number of shares. In the event that the Company’s relative TSR performance is less than negative 30%, relative to the specified index, no shares will be earned for the applicable performance period. The PSU were valued for compensation expense purposes at $29.07 per weighted average share as determined by Monte Carlo simulations using volatility factors ranging from 55.66% to 60.68% and risk-free rates ranging from 0.15% to 0.18%.

The RSU awarded during the nine months ended December 31, 2020 were valued at $17.12 per weighted average share based on the closing sales price of the Company's stock on the grant date.

Stock Options

The following table presents activities related to Stock Options (in thousands, except weighted-average grant-date fair value and recognition period):


	Nine Months Ended December 31,
	2020		2019
Stock options outstanding at the beginning of the period:	2,274		3,114

Options exercised	(175)		(391)
Options canceled and forfeited	(28)		(55)
Options outstanding at the end of the period:	2,071		2,668


Total intrinsic value of options exercised during the period	$	1,761	$	4,844
Weighted-average remaining recognition period (in years)	1.33		2.16
Total unrecognized compensation expense at period-end	$	558	$	1,102

Employee Stock Purchase Plan (ESPP)

In July 2020, 329,430 shares were purchased and issued under the ESPP. As of December 31, 2020, there was a total of $1.5 million of unrecognized compensation, net of estimated forfeitures, which will be amortized on a straight line basis over the remaining weighted-average vesting period of 0.32 years. As of December 31, 2020, a total of 3,252,882 shares were available for issuance under the ESPP.

Stock Repurchases

In May 2017, the Company's board of directors authorized the 2017 Repurchase Plan under which the Company could purchase up to $25.0 million of its common stock. The remaining amount available at December 31, 2020 was approximately $7.1 million. There were no stock repurchases during the three and nine months ended December 31, 2020 and 2019.